New York-based private equity firm TCS Capital is taking a stake in Angie’s List (ANGI), a publicly-traded company that provides local online reviews of home improvement and other services.
TCS Capital has made an agreement to purchase up to 12.75% of the Company’s outstanding shares
Eric Semler, Founder and President of TCS Capital, and consumer technology and media industry veterans, George Bell and Tom Evans, have been appointed to the Angie’s List Board of Directors.
“We are delighted to welcome well respected and accomplished individuals to the Angie’s List Board, including veterans of the consumer technology and media industry and a large shareholder who brings deep expertise investing in the digital media and e-commerce space,” said Angie’s List Chairman John Chuang. “George has always had a passion for the intersection of content, digital transformation and consumer experience, set against a backdrop of changing business models. Equally complementary to Angie’s List, Tom brings an outstanding record of catalyzing growth with consumer businesses built on technology-based platforms. Eric has an excellent investing track record in the digital space and we look forward to his input as we work to enhance shareholder value at Angie’s List. We are confident these new directors will be valuable contributors to the Company.”
Mr. Semler said, “We are pleased to have reached a constructive agreement with Angie’s List. The Company has a strong brand and customer base, and I believe we have the opportunity to realize exceptional returns for all shareholders. Tom Evans brings deep executive level experience in the e-commerce and digital media industries, George Bell further enhances the Board with his wealth of experience as a senior executive, board director and investor across a broad spectrum of the digital communications industry, and I look forward to joining as another shareholder representative in the boardroom. We will work with our fellow board members to oversee Angie’s List management and to help drive improved operating and financial performance in 2016 and beyond. We are excited to begin this important work immediately.”
Angie’s List turned down a buyout offer from IAC/InteractiveCorp last November for $8.75 per share.